With the expansion of Ethereum’s scale and users, Layer 2 solutions are currently the most optimal way to solve current problems. In this article, Unich Analyst will join readers to learn about Scroll, a layer 2 solution that is highly appreciated by Ethereum founder Vitalik Buterin.
Background of birth
The birth of Scroll was motivated by the limitations of Ethereum, specifically:
- Limited scalability: Ethereum has difficulty handling large transaction volumes, leading to high transaction fees and slow confirmation times.
- Lack of compatibility: Current Zk-Rollup solutions on the market are mostly designed to focus on the application layer (Application-specific), making it difficult to move DApps between layers 1 & 2. This makes zk-Rollup difficult for developers to use and has limited functionality.
Scroll was created to solve these problems by:
- Using zkEVM: Scroll uses zkEVM, a fully EVM-compatible Zk-Rollup solution, to provide a better development experience for developers. zkEVM allows Ethereum DApps to easily migrate to Scroll without much code modification, expanding composability in Layer 2.
- Enhancing scalability: Scroll uses ZK-Rollups to process off-chain transactions, then creates condensed proofs to post to the main chain. This approach increases throughput and lowers costs compared to direct transactions on Ethereum.
What is Scroll?
Scroll is a Layer 2 on Ethereum that uses zk rollup technology to solve the limitations of Ethereum’s transaction speed and cost. The project provides a highly compatible zkEVM execution environment with Ethereum, allowing developers to easily migrate Solidity applications from EVM Chain to Scroll.
Scroll highlights
- zk rollup technology: ZK rollup is an efficient Layer 2 scaling solution, providing better scalability and security than other solutions.
- Highly compatible zkEVM: Scroll uses zkEVM, ensuring high compatibility with Ethereum’s EVM. As a result, developers can easily migrate their applications to Scroll without significant changes to the source code.
- Ethereum community support: Scroll receives support from developers in the Ethereum community, helping the project access the necessary knowledge and resources.
- Successful fundraising round: Scroll has raised $80 million from prestigious investment funds such as Polychain Capital, IOSG Ventures, Bain Capital Crypto, Variant, etc. affirming the great potential of the project.
How Scroll works
Scroll operates on a three-layer architecture, each layer playing an important role in ensuring the security, efficiency, and scalability of the system:
Settlement Layer
- Role: This layer acts as the final validation layer for transactions on Scroll, providing data availability and ordering to the mainstream Scroll chain. It also verifies the validity of proofs and allows users and dApps to send messages and assets between Ethereum and Scroll.
- How it works: Scroll uses Ethereum as the validation layer and deploys bridge and rollup contracts on Ethereum. This ensures that all transactions are validated by Ethereum, providing high security for Scroll.
Sequencing Layer
- Role: This layer processes transactions submitted to Scroll’s sequencer and the bridge contract on L1, creating L2 blocks. It also packages transactions, uploads transaction data and block information to Ethereum to ensure data availability, and sends validation proofs to Ethereum for finality.
- How it works: This layer consists of an Execution Node and a Rollup Node. The Execution Node processes transactions and creates L2 blocks. The Rollup Node packages transactions and uploads data and proofs to Ethereum to ensure security and finality.
Proving Layer
- Role: This layer is responsible for generating valid zkEVM proofs, which verify the correctness of L2 transactions.
- How it works: This layer consists of a group of provers and a coordinator. Provers generate zkEVM proofs, while the coordinator allocates the proving tasks to the provers and forwards the proofs to the Rollup Node for finalization on Ethereum.
Scroll’s Products
Infrastructure for dApp development: Scroll provides the infrastructure for developers to build dApps using the Solidity language. The project inherits the security of Ethereum, providing fast speed and significantly cheaper costs than Layer 1.
Developed ecosystem: Currently, Scroll owns:
- 1.2 billion USD TVL (Total Value Locked): Including assets bridged from Ethereum, this number shows the community’s trust in Scroll.
- 250 thousand transactions per day: Currently, the Scroll ecosystem has processed more than 80 million transactions, with a frequency of 250 thousand transactions per day, demonstrating a high level of activity.
- 5 million+ wallet addresses: The Scroll ecosystem has attracted more than 5 million users, showing the attractiveness of the project.
- Dozens of Active dApps: Scroll is home to hundreds of active dApps, with nearly 30 projects in DeFi, AMM, Lending, Yield, Launchpad, Derivatives, Liquidity Manager, etc.
SCROLL token information
Scroll has not yet made any official announcement about the project’s governance token, so we will update you when we have detailed information.
Pre-Market SCROLL trading guide on Unich
- Access the Unich OTC Trading Platform
- Connect your wallet to the Unich Pre-Market OTC platform
- Select the SCROLL trading pair to buy or sell with SCROLL on the Pre-Market market
- Deposit collateral and complete payment
Scroll Project Airdrop Hunting Guide
There are many ways to hunt for airdrops with Scroll, but I will focus on the most effective ways and the highest chance of winning an airdrop
Interact with the native bridge
Access the project’s native Scroll bridge: Link
Transfer assets from the ETH chain to the Scroll chain (ETH, USDC, USDT, etc.).
Note that you can also use the bridge of dApps that interact with the Scroll chain to increase the potential of receiving airdrops such as Orbiter, Owlto
Interact with dApps
Access Scroll Session and interact with the listed dApps.
There are currently 2 sessions and the page will update the score after 24 hours, so it is very possible that this is one of the factors that help users airdrop
Some tasks such as:
- Add liquidity: Ambient, Nutri.
- Borrow and lend at: Aave, Rho Markets, etc.
Development team
- Sandy Peng (Co-Founder): Graduated with a Master of Laws from LSE and a Bachelor of Arts in Society and Politics from the University of Cambridge.
- Ye Zhang (Co-founder): Graduated with a Bachelor of Electrical Engineering from Peking University, with experience in Blockchain and zkSNARK cryptography research.
- Haichen Shen (Co-founder): Graduated with a PhD in Computer Science from the University of Washington.
Investors
Scroll has raised a total of $80 million in two funding rounds:
- Series A (February 21, 2022): $30 million, led by Polychain Capital.
- Funding Round (March 6, 2023): $50 million, valued at $1.8 billion, from funds such as Polychain Capital, IOSG Ventures, Bain Capital Crypto, Variant, etc.
Pros and Cons of Scroll
Pros
- Security: Scroll uses Ethereum as the authentication layer, ensuring high security for transactions.
- Efficiency: Scroll uses ZK-Rollups to process off-chain transactions, reducing the load on Ethereum, and increasing efficiency and processing speed.
- Scalability: The three-layer structure allows Scroll to process a large number of transactions, making the system scalable and meeting the growing needs of the ecosystem.
- High Compatibility: Scroll’s zkEVM offers high compatibility with Ethereum’s EVM, attracting developers and DeFi projects operating on Ethereum.
- Community Support: Scroll is supported by the Ethereum community, providing the project with access to knowledge, resources, and a community of users.
Cons
- Complex Technology: zkEVM is a complex technology, requiring a highly specialized technical team to develop and maintain.
- Fierce Competition: The Layer 2 market is fiercely competitive with projects such as zkSync, StarkNet, Taiko, Linea, etc. Scroll needs to compete fiercely to retain developers and users.
- Transaction Fees: Scroll currently has higher transaction fees than other Layer 2s, reducing the competitiveness of the ecosystem.
- No Token Launch: Scroll has not yet launched a governance token, and there is no mechanism to incentivize users and developers to participate in the ecosystem.
Personal opinion on the potential of Scroll
- zkEVM High Compatibility: Scroll is one of the few Layer 2 projects that uses zkEVM, providing high compatibility with Ethereum’s EVM. This allows developers to easily migrate Solidity applications from the EVM Chain to Scroll, attracting DeFi projects and dApps operating on Ethereum.
- Growing Ecosystem: Scroll is building a diverse ecosystem with many dApps and DeFi projects. Attracting quality DeFi projects and dApps will help Scroll’s ecosystem grow strongly, attracting more users and developers.
- Strong Community: Scroll receives support from the Ethereum community, including developers, investors, and users. A strong community will help Scroll grow rapidly and receive a lot of support.
- Successful Fundraising Round: Scroll has raised $80 million from prestigious investment funds such as Polychain Capital, IOSG Ventures, Bain Capital Crypto, Variant, etc. This shows the trust of investors in Scroll’s potential.
- Advanced Technology: Scroll uses zkEVM, which is considered a potential technology for expanding Ethereum. zkEVM brings higher scalability, security, and efficiency compared to other Layer 2 solutions.
Conclusion
Scroll is a promising Layer 2 project, providing an efficient and secure scaling solution for Ethereum. However, Scroll still has challenges to overcome such as complex technology, fierce competition, and high transaction fees. The project needs to continue to develop, optimize technology, and build a strong ecosystem to attract more developers and users, affirming its position in the Layer 2 race. The above is all the information and airdrop potential of Scroll that Unich Analyst has compiled, hope the article is useful to readers
